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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

These Are The Factors That Could Lead To Another Bitcoin Rally: ARK Invest

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin

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In a report released on August 4, ARK Invest’s on-chain researcher David Puell reveals factors that could lead to another Bitcoin rally. The report, titled “The Bitcoin Monthly: July 2023,” provides an in-depth analysis and distinguishes between Bitcoin’s current situation and what the future holds for the largest cryptocurrency by market cap.

Some Positives For Bitcoin

Puell highlights how Bitcoin’s tepid 90-day volatility shares similarities with 2017 levels. According to the report, this prolonged low volatility usually represents the ‘calm before the storm,’ with Puell speculating that a significant price movement will likely happen soon. However, whether it will be a breakout or a breakdown remains uncertain. 

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There is cause for optimism, though, as the decrease in hash rate on the blockchain provides an optimistic signal. The decrease could signify oversold conditions – whereby Bitcoin is currently trading below its actual worth, and considering that it has traded at an undervalued price for a long while now, we could see an upward trend, which would signify a price reversal. 

Additionally, there has been an increase in “liveliness” as selling pressure has reduced and more holders are choosing to ‘HODL.’ The report states that liveliness fell below 60% in July, the lowest selling pressure since Q4 of 2020. 

The short-term holders’ profit/loss ratio also coincides with historical trend reversals, signifying that a breakout is more likely to occur. 

The report states:

This breakeven level correlates both with local bottoms during primary bull markets and with local tops during bear market environments.

Meanwhile, the Federal Reserve’s continued hike rate has been known to be a macro factor on Bitcoin and the crypto market. Puell believes that the Fed’s actions could significantly impact Bitcoin’s performance and the economy as a whole. A potential slowdown in CPI (consumer product index) inflation could see a surge in Bitcoin’s appeal as a non-inflammatory asset.

Bitcoin (BTC) price chart from Tradingview.com

BTC struggles to hold $29,000 support | Source: BTCUSD on Tradingview.com

Binance Could Have A Domino Effect On BTC

The United States Securities and Exchange Commission (BTC) filed a lawsuit against Binance for trading unregistered securities, amongst other allegations. This ongoing legal tussle could affect Bitcoin’s performance and the crypto market. 

According to the report, Binance’s BNB token ensures stability in the crypto market by providing significant liquidity for other cryptocurrencies, including Bitcoin. If sentiments begin to tilt in favor of the SEC and DOJ, it could trigger a “bank run,” which would see BNB’s price plummet, causing a domino effect on the crypto market. 

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While historical trends signify a bullish trajectory for Bitcoin’s price, the token might be marred by macroeconomic forces and regulatory concerns. It is believed that Bitcoin breaching the resistance level at $29,450 could shape its future outlook.

As Bitcoin continues to witness a downward trajectory, that resistance level might be the key to a sustained breakout or further consolidation. 

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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